How To Get The Most Out Of Your $291 Million
from the screw-your-creditors! dept
A business model for the new millennium: raise $291 million from top name VC companies, buy lots of fiber optic infrastructure and real estate (maybe even buy a bankrupt company or two for their contracts), and then declare chapter 11 bankruptcy to get out from under your creditors’ thumbs. This is the plan of Yipes Communications, it seems. They plan to keep going as a business, though. They even tried to spin this in as positive a way as possible, saying that business is good. They just need to do this to compete. In other words, they raised a ton of money, without realizing how much it would actually cost to build what they needed – and are now looking for ways to squeeze more out of what they got because no one is going to give them any more money.